(Kitco News) - Gold prices are moderately higher in early U.S. trading Wednesday, while silver prices are near steady. Price action remains subdued on this Christmas-holiday-shortened trading week and the last week of 2023. Bullish technical charts are still prompting speculator buying interest in precious metals, amid a lack of fresh fundamental news so far this week to drive price action. February gold was last up $11.50 at $2,081.30. March silver was last down $0.026 at $24.37.
Asian and European stock markets were mixed overnight. U.S. stock index futures are set to open narrowly mixed when the New York day session begins, after setting contract and new highs for the year on Tuesday. There have been no major economic data points up to mid-week. Traders and investors are still upbeat on ideas the major central banks of the world are done, or close to being done, with there restrictive monetary policies that have at least somewhat squelched global economic growth the past year.
Israel has this week stepped up its offensive in Gaza, which has the international community very concerned about the heavy loss of innocent lives. The Russia-Ukraine war is close to its second year of conflict, with Ukraine recently stepping up its attacks on Russian military assets.
The key outside markets today see the U.S. dollar index a bit weaker. Nymex crude oil prices are slightly down and trading around $75.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.87%.
U.S. economic data due out Wednesday is light and includes the weekly Johnson Redbook retail sales report and the Richmond Fed business survey.
Technically, the gold futures bulls have the solid overall near-term technical advantage and have momentum. Prices are in a 2.5-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in March futures above solid resistance at $2,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at last week’s high of $2,083.00 and then at $2,100.00. First support is seen at the overnight low of $2,072.80 and then at this week’s low of $2,065.10. Wyckoff's Market Rating: 7.5.
The silver bulls have the overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at the December low of $22.785. First resistance is seen at the overnight high of $24.555 and
then at last week’s high of $24.895. Next support is seen at the overnight low of $24.22 and then at $24.00. Wyckoff's Market Rating: 6.5.
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